The MOST important 48 hours for crypto? Maybe...

BTC is above its make-or-break level. Warsh gets grilled on crypto today. Ceasefire expires tomorrow. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Tuesday, April 21, 2026   Bitcoin is trading above $75,000 — the level Kaiko says opens a path to $85,000 — as markets price a second round of U.S.–Iran peace talks in Pakistan. The Fed chair confirmation hearing for Kevin Warsh starts today; senators are expected to press him on his personal crypto investments and what a Warsh-led Fed means for stablecoin regulation and rate policy. The ceasefire expires tomorrow. All three storylines converge to make this the most pivotal 48-hour window of the year for crypto. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $75,644 +1.10% ETH $2,311 +0.59% SOL $85.73 +0.62% XRP $1.43 +0.81% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Staking ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking. Solana staking rewards have historically averaged 6-8% a year.1 Learn more here.   Grayscale Solana Staking ETF (GSOL), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Learn more   Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Trust.   Potential staking rewards are earned by the Fund. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked.   1 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. What matters today Markets   Story 1 of 3 BTC is above $75K — the level that opens a path to $85K. Here’s what holds it there. Bitcoin is holding above $75,000 for the first time since mid-March, with Kaiko saying a sustained break above $76,000 would open a path toward $85,000 and trigger the short squeeze K33 has been flagging for weeks. Iran confirmed it will send a delegation to Pakistan for a second round of ceasefire talks, and Brent has eased to $94.81. Against that: public bitcoin miners sold a record 32,000 BTC in Q1 — more than all of 2025 — creating a structural supply headwind at current prices. Funding rates remain negative, meaning the market is still heavily short even as spot ETF inflows ($996M last week) signal institutional demand is real. Read more → Policy   Story 2 of 3 The next Fed chair has a crypto portfolio. His hearing starts today. Kevin Warsh’s Senate Banking Committee confirmation hearing begins today with Powell’s term expiring May 15. Warsh’s 69-page financial disclosure reveals personal equity stakes across more than a dozen crypto and blockchain companies — DeFi lending, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure — through venture fund structures. He has pledged to divest most of them. Senators on both sides are expected to press him on those positions and on what a Warsh-led Fed means for stablecoin regulation, bank crypto custody, and rate policy. His potential dovish stance on the Iran war’s inflationary impact is a separate, closely watched variable. Read more → Geopolitics   Story 3 of 3 The ceasefire expires tomorrow. A second round of Iran–Pakistan talks is on. The two-week U.S.–Iran ceasefire expires Wednesday evening Washington time, and Trump said Monday he is not likely to extend it. Iran’s confirmation that it will send a delegation to Pakistan for a second round of talks is the headline keeping markets supported this morning. Three vessels attempted Hormuz transit early Tuesday — the first test of whether the waterway is opening before a deal is signed. Brent has eased to $94.81 on the diplomacy signal but the fundamental picture hasn’t changed: the Strait remains contested, a scam ring is posing as Iranian authorities demanding BTC and USDT for “safe passage,” and the FOMC meeting on April 28–29 looms as the next macro catalyst. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. 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